Canterbury construction spending at record high
A quarter of all New Zealand's construction spending is now in Canterbury, as both home and non-residential building ramps up to record levels.
Figures from Statistics New Zealand put the region's house building spend for the July to September quarter at $484 million, with $336m spent on other building construction.
The total $820m spent on Canterbury construction was up $162m, or 21 per cent, on the same period in 2012.
The department said the values were new highs. Its industry and labour statistics manager Clara Eatherley described the upwards trend as strong and said Canterbury was leading the country in construction growth.
The increases follow a slow patch in April to June when the region's construction spending had been down compared with the previous year.
The figures are taken from Statistics New Zealand's building work in place survey, which measures construction underway and gives a more up-to-date picture of construction than council consent figures.
Nationally, the volume of residential building work underway increased 8.1 per cent while the amount spent rose 9 per cent to $1.96 billion. The volume of non-residential building fell 6.4 per cent by volume and 5.7 per cent by value to $1.2b.
Prices for non-residential building work increased by 0.8 per cent in the three months to September compared with the previous quarter, while prices for residential buildings rose 0.9 per cent, as measured by the Capital Goods Price Index.
- © Fairfax NZ News
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